IDEXX Laboratories (NASDAQ:IDXX) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase & Co. raised its price target for IDEXX Laboratories from $550 to $675, maintaining an "overweight" rating, despite suggesting a potential downside of 1.14% from the last closing price.
• IDEXX Laboratories recently reported earnings per share of $3.63, exceeding estimates by $0.35, and achieved revenue of $1.11 billion for the quarter, reflecting a 10.6% year-over-year growth.
• The stock has seen a significant increase of 27.5%, reaching $682.78 during recent trading, with analysts generally rating it as a "Moderate Buy" with an average price target of $570.38.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) had its price target boosted by JPMorgan Chase & Co. from $550.00 to $675.00 in a research note issued on Monday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would suggest a potential downside of 1.14% from the stock's previous close.

Other equities analysts also recently issued research reports about the stock. Jefferies Financial Group began coverage on shares of IDEXX Laboratories in a report on Tuesday, July 1st. They set a "buy" rating and a $625.00 price target for the company. Leerink Partners boosted their price target on shares of IDEXX Laboratories from $580.00 to $600.00 and gave the company an "outperform" rating in a report on Thursday, July 17th. Stifel Nicolaus boosted their price target on shares of IDEXX Laboratories from $510.00 to $540.00 and gave the company a "hold" rating in a report on Wednesday, July 2nd. Morgan Stanley boosted their price target on shares of IDEXX Laboratories from $548.00 to $558.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Finally, Wall Street Zen raised shares of IDEXX Laboratories from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $570.38.

IDEXX Laboratories Stock Up 27.5%

Shares of IDXX traded up $147.24 during mid-day trading on Monday, reaching $682.78. 3,331,515 shares of the stock traded hands, compared to its average volume of 732,562. The company has a quick ratio of 0.81, a current ratio of 1.16 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $531.30 and a 200 day simple moving average of $472.10. The firm has a market cap of $54.91 billion, a price-to-earnings ratio of 63.10, a P/E/G ratio of 3.81 and a beta of 1.49. IDEXX Laboratories has a 12-month low of $356.14 and a 12-month high of $688.12.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $3.63 earnings per share for the quarter, beating the consensus estimate of $3.28 by $0.35. IDEXX Laboratories had a net margin of 22.76% and a return on equity of 57.35%. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the firm earned $2.44 earnings per share. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. Sell-side analysts expect that IDEXX Laboratories will post 11.93 EPS for the current fiscal year.

Insider Buying and Selling

In other IDEXX Laboratories news, Director M Anne Szostak sold 1,260 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $512.34, for a total value of $645,548.40. Following the sale, the director directly owned 1,801 shares in the company, valued at approximately $922,724.34. The trade was a 41.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.98% of the company's stock.

Institutional Investors Weigh In On IDEXX Laboratories

Several hedge funds and other institutional investors have recently bought and sold shares of IDXX. Golden State Wealth Management LLC raised its holdings in IDEXX Laboratories by 3,766.7% during the 1st quarter. Golden State Wealth Management LLC now owns 116 shares of the company's stock worth $49,000 after buying an additional 113 shares during the period. Sagespring Wealth Partners LLC acquired a new stake in IDEXX Laboratories during the 1st quarter worth about $229,000. Banque Transatlantique SA acquired a new stake in IDEXX Laboratories during the 4th quarter worth about $2,681,000. Wealth Enhancement Advisory Services LLC raised its holdings in IDEXX Laboratories by 13.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,553 shares of the company's stock worth $10,731,000 after buying an additional 2,931 shares during the period. Finally, GAMMA Investing LLC raised its holdings in IDEXX Laboratories by 42.7% during the 1st quarter. GAMMA Investing LLC now owns 2,187 shares of the company's stock worth $918,000 after buying an additional 654 shares during the period. 87.84% of the stock is currently owned by institutional investors.

About IDEXX Laboratories

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.

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